Last-minute money-saving tips for the holidays

Jet, Dec 16, 2002

Time is short, funds are tight, but who says your holidays can't be bright? Make this Christmas, Kwanzaa and New Year's the best ever for your family, your friends and your wallet by trying these money-saving tips:

$ Budget your money. The temptation to spend, spend, spend is at fever pitch this time of year, but if you want to stay debt-free, you need to make a budget for holiday spending--and stick to it. Involve the whole family. Have everyone agree on a spending limit for gifts, which eliminates the awkward I-gave-you-socks-you-gave-me-a-diamond-ring thing. And unless you can pay off credit cards within the grace period, put away those high-interest instruments of debt. Or else you'll be paying for this holiday season for seasons to come.

$ Make painless sacrifices. Free up cash for the holidays by looking for areas in your budget that can stand a trim--the three biggies usually are food, entertainment and beauty. Go for cold cuts and meatless meals instead of prime rib and lobster dinners. Brown bag your lunch for the work week instead of dining out. Trade in nights on the town for quiet evenings at home with a good video or book. Stretch out that weekly trip to the hair stylist or barber's chair to two weeks.

$ Never pay full price. Make this your mantra in life and you'll be on your way to fiscal health and wealth. Shop outlet malls, discount stores and wherever there is a sale to stretch your holiday dollar. Cash in on coupons and mail-in rebates. And search the Internet since many good deals are available online--but check shipping fees, which may offset any savings.

$ Throw pocket-friendly parties. Rather than footing the bill for costly holiday feasts and festivities, have each guest bring a special dish to your potluck, a favorite dessert to your egg nog sip or a bottle of bubbly to your champagne toast. Can't afford to buy gifts for every loved one in your life? Round up your relatives and friends and start a grab bag.

$ Get used, Looking for fabulous formal wear for New Year's Eve? Consignment shops and thrift stores that offer designer deals for discount prices and are the best-kept secrets of the best-dressed. Some retail boutiques will rent evening wear for a nominal fee, so call around. Or, if you have a very fashionable best friend who happens to be your size, maybe he or she will let you borrow an outfit if you ask nicely.

$ Give from the heart. The most priceless gifts can be the least expensive. This holiday, give creative gifts that come from your heart. Videotape a message of love, make a cassette or CD of favorite songs, create a photo album or scrapbook of special memories. Be a "Secret Santa" and hide little forget-me-nots for your loved one to find. Make gift certificates redeemable for thoughtful services: breakfast in bed, a day free of chores, a romantic homemade dinner, a massage, hugs and kisses. After all, it's the thought that counts.